PERTH (miningweekly.com) – Gold miner Newcrest Mining is aiming to grow its copper output to meet global demand as the world shifts towards future-facing minerals.

Speaking at the company’s annual general meeting, chairperson Peter Tomsett said that Newcrest held a unique market position, maintaining a portfolio of top-tier, long-life assets.

“While the company’s peers race to add future-focused minerals like copper to their books, Newcrest has both a meaningful exposure to copper today and plans to grow copper production in the years to come.

“The company produced just under two-million ounces of gold in the 2022 financial year at an all-in sustaining cost of $1 043/oz. In addition to that, Newcrest also delivered more than 120 000 t of copper, a resource that will continue to play a vital role in the energy transition and the decarbonisation of economies.”

MD and CEO Sandeep Biswas told shareholders that having "a real, meaningful exposure" to copper was vital to having a strong gold company.

“At the end of the 2022 financial year, on a 100% basis, our group ore reserves contain approximately 11-million tonnes of copper, with an estimated 25-million tonnes inclusive of our group measured and indicated mineral resources. What does this mean? In addition to having a substantial exposure to copper today, it means our exposure is well placed to increase in the future through conversion of mineral resources to ore reserves.

“In fact, in the last financial year alone copper actually accounted for 25% of Newcrest’s total net revenue, up from 22% just one year earlier. Our intention is to build on this profile going forward through building of the Red Chris Block Cave, pursuing the approval of Wafi Golpu and with the potential development of Namosi further down the track,” said Biswas.

He told shareholders that progress is being made on the Red Chris Block Cave feasibility study as Newcrest looks to leverage its industry-leading block caving expertise. At the same time, the exploration decline has progressed to over 2 100 m as at October 12.

Meanwhile, Biswas noted that operations at the Brucejack gold mine, in British Columbia, will remain suspended, with only essential services running, following a fatality at the mine in October.

He told shareholders that the operation would remain suspended until all tasks were reviewed with a focus on critical risks, and would only restart operations once these risks were either controlled or eliminated.

“The most important measure of our success in Newcrest is when every member of our team goes home safely and healthy at the end of every working day. This remains our number one priority,” Biswas said.